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Sun 6 Dec 2009 01:03 AM

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Saudi Aramco adjusts prices for NE Europe, Med and Asia

Discounts to NE Europe and Mediterranean customers increased, Asia sees rise.

Saudi Aramco, the world’s largest state-owned oil company, lowered its official selling prices for all crude grades for customers in Northwestern Europe and the Mediterranean for January.

Saudi Arabia cut the price of its Arab Extra Light Crude the most, for European buyers, widening the discount versus the Brent benchmark to $1.65 a barrel in January from a discount of $1.05 in December, Dhahran-based Aramco said in an e-mailed statement.

The Brent price is the weighted average crude benchmark posted by Intercontinental Exchange.

The Saudi Light discount was widened to $2.30 from $1.80 for Northwest European buyers and to $2.25 from $1.80 for Mediterranean customers.

Saudi Aramco also raised the price for its medium, heavy and super light crude oil grades to Asia for January, it said in another e-mailed statement.

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